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Questions and Answers
What is the purpose of developing theories and models in economics?
What is the purpose of developing theories and models in economics?
- To make assumptions
- To simplify the problem
- To explain why something is as it is (correct)
- To gather evidence
How are theories and models expressed differently?
How are theories and models expressed differently?
- Theories are expressed in words, while models are expressed in mathematical terms (correct)
- Theories and models are not expressed
- Theories and models are expressed in the same way
- Theories are expressed in mathematical terms, while models are expressed in words
What does the term 'ceteris paribus' mean in economics?
What does the term 'ceteris paribus' mean in economics?
- All other things changing
- All other things simplified
- All other things disregarded
- All other things remaining equal (correct)
What is the relationship between theories and models in economics?
What is the relationship between theories and models in economics?
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Why do economists need to make assumptions when developing economic models?
Why do economists need to make assumptions when developing economic models?
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